Harum reports sharp drop in output, sales volume
Saturday, September 19 2015 - 04:52 AM WIB
IDX-listed coal miner PT Harum Energy Tbk reported that coal production in the first six months of this year reached 2.3 million tons, which translates to a 45.2 percent drop compared to 4.2 million tons in the corresponding period of last year.
The company said in a statement that the entire output in the first semester came from its subsidiary PT Mahakam Sumber Jaya, while operation at another subsidiary PT Santan Batubara remains suspended. Both subsidiaries have mines in East Kalimantan.
Harum said that sales volume in the January-June period of this year dropped by 38.5 percent to 2.7 million tons compared to 4.4 million tons in the same period of last year.
Average selling price in the first semester stood at US$54.1 per ton, down 14.9 percent from $63.6 per ton in the corresponding period of last year.
The company said that FOB vessel cash cost in the first semester of this year fell by 13.9 percent to $35.9 per ton year-on-year on lower fuel price.
Despite the lower cost, Harum said that revenue in the first six months of this year dropped by 42.5 percent to $262.5 million year-on-year due to lower selling price and sales volume, while EBITDA fell by 62.2 percent to $29.7 million.
Editing by Reiner Simanjuntak